Unit of competency Outline
Date retreived
23/07/2026 8:08 AM AWST
23/07/2026 8:08 AM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Work effectively and sustainably in the life insurance industry
Work effectively and sustainably in the life insurance industry
Unit of competency
National Code
FNSILF409
FNSILF409
State Code
ODR79
ODR79
TGA Status
Current
Current
DTWD Status
Approved
Approved
State Implementation and Classification
Approved Date
08/04/2022
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
08/04/2022
Nominal Hours
35
Description
This unit describes the skills and knowledge required to identify and apply organisational procedures and policies, industry guidelines and regulations to day-to-day work, and contribute to the sustainability and continuity of the organisation and the life insurance industry.The unit applies to a broad range of people working in the life insurance industry, including individuals working in claims, underwriting, distribution and product management.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Determine factors impacting work in and sustainability of the life insurance industry
- 1.1 Identify trends and organisational sustainability goals in the life insurance industry and confirm understanding with relevant personnel
- 1.2 Apply regulatory requirements and other factors influencing the life insurance industry to own role
- 1.3 Identify contribution of own role to the value chain and sustainability of organisation
2. Respond to key factors influencing each stage in the lifecycle of the life insurance product to inform own work practices
- 2.1 Analyse key elements of product design
- 2.2 Review factors impacting pricing of life insurance
- 2.3 Review various distribution channels used to provide customers with life insurance policies
- 2.4 Review fundamental principles of underwriting and claims
- 2.5 Apply review findings to life insurance work practices and own role in supporting sustainability
3. Apply and maintain industry knowledge to support organisational sustainability
- 3.1 Implement own work practices to ensure industry knowledge is updated and current
- 3.2 Apply industry knowledge and sustainable practices to work duties according to organisational policies, regulatory requirements, protocols, guidelines and procedures, and codes of ethics and professional practice
- 3.3 Share industry knowledge and sustainable practices with colleagues to support collective sustainability goals
No information
No information
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| State Code | National Code | Title | Type |
|---|---|---|---|
| BHK4 | FNS41521 | Certificate IV in Life Insurance | Qualification |
| AE664 | FNSSS00018 | Life Insurance Fundamentals Skill Set | Skill set |